Central Finance elevates deposit base to Rs. 13.2 b

Anjana SAMARASINGHE

Central Finance Company PLC has reached Rs 13.2 billion deposit base during this year.

Speaking to Daily News Business Managing Director Central Finance Eranjith Wijenaike said that today the demand for financing has been dropped and customers used to expect high returns on their investments. Finance companies are struggling to maintain their position in the market and local financial industry is very competitive.

The leasing market has been slump due to high prices of brand new vehicles and there is a demand for brand new Chinese vehicles.

Higher purchasing segment is growing and we have noticed that there is a huge demand for registered vehicles in the market, he said.

Apart from deposit products company introduced saving products namely “CF Savings” to the market in 2006 and today they have nearly 50,000 saving account holders. For complementing “CF Savings” company expands its ATM network across 331 locations lslandwide linking with Commercial Bank ATM network.

We are planning to expand our services to the rural areas as well. We have already added several new branches in South, Western and North Central provinces during this year.

Today we have over 40 branches in the country he said.

Talking about the business diversification Wijenaike said that company has already embarked on condominium housing projects and it is scheduled to be completed in January next year. There are 80 apartments in this project and total investment is Rs 1.2 billion. Nearly 50 percent of the apartments has been already sold.

Senior Manager Marketing of Central Finance Terence Kaushalya said that “CF Savings” offer a range of benefits to customers and now account holders have ATM access to over 300 locations. Company will introduce more innovative products to the market maintaining high quality customer service, he said.